Bre-X group of companies

Bre-X group of companies

Bre-X Group of Companies was a group of companies which included Bre-X Minerals Ltd., Bro-X Minerals Ltd., and Bresea Resources Ltd. Bre-X Groups of companies managed all of the companies from 1993 until it filed for bankruptcy protection in 1997. Bre-X Minerals Ltd. was a mining corporation that was the biggest fraud in Canadian business history. The company told investors that there was approximately 8 percent of the world's gold at its mine site in Busang, Indonesia. The fraud unraveled in late 1997 when the Indonesian government told Bre-X that it should share the site with an outside company. An American mining company was brought in and they conducted core sample tests. From the test they concluded that there was no gold at the site.

External links

* [http://www.miningswindles.com/html/bre-x_fraud.html A summary of the fraud with references]


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